Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 17

Search results for: balanced scorecard

17 Project Objective Structure Model: An Integrated, Systematic and Balanced Approach in Order to Achieve Project Objectives

Authors: Mohammad Reza Oftadeh

Abstract:

The purpose of the article is to describe project objective structure (POS) concept that was developed on research activities and experiences about project management, Balanced Scorecard (BSC) and European Foundation Quality Management Excellence Model (EFQM Excellence Model). Furthermore, this paper tries to define a balanced, systematic, and integrated measurement approach to meet project objectives and project strategic goals based on a process-oriented model. In this paper, POS is suggested in order to measure project performance in the project life cycle. After using the POS model, the project manager can ensure in order to achieve the project objectives on the project charter. This concept can help project managers to implement integrated and balanced monitoring and control project work.

Keywords: Project objectives, project performance management, PMBOK, key performance indicators, integration management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 107
16 Promoting Non-Formal Learning Mobility in the Field of Youth

Authors: Juha Kettunen

Abstract:

The purpose of this study is to develop a framework for the assessment of research and development projects. The assessment map is developed in this study based on the strategy map of the balanced scorecard approach. The assessment map is applied in a project that aims to reduce the inequality and risk of exclusion of young people from disadvantaged social groups. The assessment map denotes that not only funding but also necessary skills and qualifications should be carefully assessed in the implementation of the project plans so as to achieve the objectives of projects and the desired impact. The results of this study are useful for those who want to develop the implementation of the Erasmus+ Programme and the project teams of research and development projects.

Keywords: Non-formal learning, youth work, social inclusion, innovation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 441
15 Performance Management of Tangible Assets within the Balanced Scorecard and Interactive Business Decision Tools

Authors: Raymond K. Jonkers

Abstract:

The present study investigated approaches and techniques to enhance strategic management governance and decision making within the framework of a performance-based balanced scorecard. The review of best practices from strategic, program, process, and systems engineering management provided for a holistic approach toward effective outcome-based capability management. One technique, based on factorial experimental design methods, was used to develop an empirical model. This model predicted the degree of capability effectiveness and is dependent on controlled system input variables and their weightings. These variables represent business performance measures, captured within a strategic balanced scorecard. The weighting of these measures enhances the ability to quantify causal relationships within balanced scorecard strategy maps. The focus in this study was on the performance of tangible assets within the scorecard rather than the traditional approach of assessing performance of intangible assets such as knowledge and technology. Tangible assets are represented in this study as physical systems, which may be thought of as being aboard a ship or within a production facility. The measures assigned to these systems include project funding for upgrades against demand, system certifications achieved against those required, preventive maintenance to corrective maintenance ratios, and material support personnel capacity against that required for supporting respective systems. The resultant scorecard is viewed as complimentary to the traditional balanced scorecard for program and performance management. The benefits from these scorecards are realized through the quantified state of operational capabilities or outcomes. These capabilities are also weighted in terms of priority for each distinct system measure and aggregated and visualized in terms of overall state of capabilities achieved. This study proposes the use of interactive controls within the scorecard as a technique to enhance development of alternative solutions in decision making. These interactive controls include those for assigning capability priorities and for adjusting system performance measures, thus providing for what-if scenarios and options in strategic decision-making. In this holistic approach to capability management, several cross functional processes were highlighted as relevant amongst the different management disciplines. In terms of assessing an organization’s ability to adopt this approach, consideration was given to the P3M3 management maturity model.

Keywords: Outcome based management, performance management, lifecycle costs, balanced scorecard.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 927
14 The Strategy of the Innovation Alliance in Higher Education

Authors: Juha Kettunen

Abstract:

The purpose of this study is to visualize the strategic network of higher education institutions and its strategic directions. The strategy map of the balanced scorecard approach is developed to describe the strategic objectives and their causal relationships in higher education. The empirical part of the study presents the survey results of the desired strategic directions of the network obtained from the teachers and other staff of the member institutions. Research and development projects are the most important form of activity in the network, but education and many other forms also turn out to be important. The results of this study support the argument that a strategic innovation alliance is a suitable and useful way to promote collaboration among European higher education institutions. The results of the study can be used by those who wish to promote such international collaboration among higher education institutions.

Keywords: Balanced scorecard, higher education, social networking, strategic planning.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1192
13 Value Analysis Dashboard in Supply Chain Management: Real Case Study from Iran

Authors: Seyedehfatemeh Golrizgashti, Seyedali Dalil

Abstract:

The goal of this paper is proposing a supply chain value dashboard in home appliance manufacturing firms to create more value for all stakeholders via balanced scorecard approach. Balanced scorecard is an effective approach that managers have used to evaluate supply chain performance in many fields but there is a lack of enough attention to all supply chain stakeholders, improving value creation and, defining correlation between value indicators and performance measuring quantitatively. In this research the key stakeholders in home appliance supply chain, value indicators with respect to create more value for stakeholders and the most important metrics to evaluate supply chain value performance based on balanced scorecard approach have been selected via literature review. The most important indicators based on expert’s judgment acquired by in survey focused on creating more value for. Structural equation modelling has been used to disclose relations between value indicators and balanced scorecard metrics. The important result of this research is identifying effective value dashboard to create more value for all stakeholders in supply chain via balanced scorecard approach and based on an empirical study covering ten home appliance manufacturing firms in Iran. Home appliance manufacturing firms can increase their stakeholder's satisfaction by using this value dashboard.

Keywords: Supply chain management, balanced scorecard, value, Structural modeling, Stakeholders.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1687
12 Development of an Automated Quality Management System to Control District Heating

Authors: Nigina Toktasynova, Sholpan Sagyndykova, Zhanat Kenzhebayeva, Maksat Kalimoldayev, Mariya Ishimova, Irbulat Utepbergenov

Abstract:

To solve these problems, we investigated the management system of heating enterprise, including strategic planning based on the balanced scorecard (BSC), quality management in accordance with the standards of the Quality Management System (QMS) ISO 9001 and analysis of the system based on expert judgment using fuzzy inference. To carry out our work we used the theory of fuzzy sets, the QMS in accordance with ISO 9001, BSC, method of construction of business processes according to the notation IDEF0, theory of modeling using Matlab software simulation tools and graphical programming LabVIEW. The results of the work are as follows: We determined possibilities of improving the management of heat-supply plant-based on QMS; after the justification and adaptation of software tool it has been used to automate a series of functions for the management and reduction of resources and for the maintenance of the system up to date; an application for the analysis of the QMS based on fuzzy inference has been created with novel organization of communication software with the application enabling the analysis of relevant data of enterprise management system. 

Keywords: Balanced scorecard, heat supply, quality management system, the theory of fuzzy sets.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1421
11 Adopted Method of Information System Strategy for Knowledge Management System: A Literature Review

Authors: Elin Cahyaningsih, Dana Indra Sensuse, Wahyu Catur Wibowo, Sofiyanti Indriasari

Abstract:

Bureaucracy reform program drives Indonesian government to change their management to enhance their organizational performance. Information technology became one of strategic plan that organization tried to improve. Knowledge management system is one of information system that supporting knowledge management implementation in government which categorized as people perspective, because this system has high dependency in human interaction and participation. Strategic plan for developing knowledge management system can be determine using some of information system strategic methods. This research conducted to define type of strategic method of information system, stage of activity each method, strength and weakness. Literature review methods used to identify and classify strategic methods of information system, differentiate method type, categorize common activities, strength and weakness. Result of this research are determine and compare six strategic information system methods, Balanced Scorecard and Risk Analysis believe as common strategic method that usually used and have the highest excellence strength.

Keywords: Knowledge management system, balanced scorecard, five force, risk analysis, gap analysis, value chain analysis, SWOT analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2134
10 A Balanced Scorecard for Identifying Factors of Strategic Fit of National R&D Program on the Creative Economy Policy

Authors: Jieun Kim, Haejin Cho, Yongtae Park, Yoonjo Kim, Jeonghwan Jeon

Abstract:

As creative economy is important theme for national policy, many countries have been raising investments through national R&D programs. Since not all of programs are aligned with the ultimate vision and R&D investment is one of the most decisive elements, the strategic fit of national R&D programs should be evaluated for effective resource allocation. This study aims at identifying the factors of strategic fit of national R&D program on the creative economy policy. For this purpose, the balanced scorecard (BSC) model for R&D is utilized to translate national strategic objectives into a set of coherent performance factors.

Keywords: Balanced scorecard, Creative economy, National R&D program, Strategic fit.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2437
9 Balanced Scorecard in SMEs – A Proposal for Small Gas Stations in Portugal

Authors: Ana Paula Monte, Christiane Fontenete

Abstract:

As current business environment is demanding a constant adaptation of companies, the planning and strategic management should be an ongoing and natural process in all kind of organizations. The use of management and monitoring strategic performance tools such as the Balanced Scorecard (BSC) have been popular; even to Small and Medium-sized Enterprises. This paper aims to investigate whether the BSC is being used in monitoring the performance of small businesses, particularly in small fuel retailers companies, which are competing in co-branding; and if not, it aims to identify its strategic orientation in order to recommend a possible strategy map for those managers that are willing to adopt this model as an alternative to traditional ones for organizational performance evaluation, which often focus only on evaluation of the organizational financial performance.

Keywords: Balanced Scorecard, Performance Management and Evaluation, SMEs, Strategy Maps

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3542
8 Strategic Management Accounting: Implementation and Control

Authors: Alireza Azimi Sani

Abstract:

This paper discusses the design characteristics management accounting systems should have to be useful for strategic planning and control and provides brief introductions to strategic variance analysis, profit-linked performance measurement models and balanced scorecard. It shows two multi-period, multiproduct models are specified, can be related to Porter's strategy framework and cost and revenue drivers, and can be used to support strategic planning, control and cost management.

Keywords: Accounting, balanced scorecard, profit-linked, strategic management, variance analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4468
7 Forecasting e-Learning Efficiency by Using Artificial Neural Networks and a Balanced Score Card

Authors: Petar Halachev

Abstract:

Forecasting the values of the indicators, which characterize the effectiveness of performance of organizations is of great importance for their successful development. Such forecasting is necessary in order to assess the current state and to foresee future developments, so that measures to improve the organization-s activity could be undertaken in time. The article presents an overview of the applied mathematical and statistical methods for developing forecasts. Special attention is paid to artificial neural networks as a forecasting tool. Their strengths and weaknesses are analyzed and a synopsis is made of the application of artificial neural networks in the field of forecasting of the values of different education efficiency indicators. A method of evaluation of the activity of universities using the Balanced Scorecard is proposed and Key Performance Indicators for assessment of e-learning are selected. Resulting indicators for the evaluation of efficiency of the activity are proposed. An artificial neural network is constructed and applied in the forecasting of the values of indicators for e-learning efficiency on the basis of the KPI values.

Keywords: artificial neural network, balanced scorecard, e-learning

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1150
6 Balanced Scorecard (BSC) Usage and Financial Performance of Branches in Jordanian Banking Industry

Authors: Hamzah Hussein Al-mawali, Yuserrie Zainuddin, Noor Nasir Kader Ali

Abstract:

The purpose of this paper is to contribute to the body of knowledge in the area of management accounting, particularly performance measurement systems within the BSC framework, by investigating empirically the extent of multiple performance measures usage and their effects on the financial performance of Jordanian banks in the branches level. Nevertheless, the result of this study shows that the non-financial measures usages, particularly, customer oriented indicators and product/ service oriented indicators, appears to be important as it enhances firm performance. Remarkably, the findings reveal that there is positive relationship between the usages of multiple performance measures via overall BSC measures and financial performance in the branches level.

Keywords: Performance measurements systems, BalancedScorecard, Jordan.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 4335
5 Maintenance Function's Performance Evaluation Using Adapted Balanced Scorecard Model

Authors: A. Bakhtiar, B. Purwanggono, N. Metasari

Abstract:

PT XYZ is a bottled drinking water company. To preserve production resources owned by the company so that the resources could be utilized well, it has implemented maintenance management system, which has important role in company's profitability, and is one of the factors influenced overall company's performance. Yet, up to now the company has never measured maintenance activities' contribution to company's performance. Performance evaluation is done according to adapted Balanced Scorecard model fitted to maintenance function context. This model includes six perspectives: innovation and growth, production, maintenance, environment, costumer, and finance. Actual performance measurement is done through Analytic Hierarchy Process and Objective Matrix. From the research done, we can conclude that the company's maintenance function is categorized in moderate performance. But, there are some indicators which has high priority but low performance, which are: costumers' complain rate, work lateness rate, and Return on Investment.

Keywords: Maintenance, performance, balanced scorecard, objective matrix.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2256
4 Application of the Balanced Scorecard into the Formulation of the Firm Strategy

Authors: Lucie Valečková

Abstract:

In contemporary global and dynamically developing environment there is a need of the strategic planning fundamental. It is complicated, but at the same time important process from the point of view of continual keeping of competitive advantage. The aim of the paper is formulation of strategic goals for the needs of the small enterprises. There will be used Balanced Scorecard as a balanced system of the indicators for the clearing and transferring vision into particular goals. In particular perspectives the theme will be focused on strategic goals. Consequently will be mention the concept of the competitiveness IDINMOSU. This connect to Balanced Scorecard.

Keywords: Corporate strategic management, strategic goals, Balanced Scorecard, strategic operations

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1317
3 Towards a Compliance Reporting using a Balanced Scorecard

Authors: Michael Amberg, Dipl. Kfm. Johannes C. Panitz

Abstract:

Compliance requires an effective communication within an enterprise as well as towards a company-s external environment. This requirement commences with the implementation of compliance within large scale compliance projects and still persists in the compliance reporting within standard operations. On the one hand the understanding of compliance necessities within the organization is promoted. On the other hand reduction of asymmetric information with compliance stakeholders is achieved. To reach this goal, a central reporting must provide a consolidated view of different compliance efforts- statuses. A concept which could be adapted for this purpose is the balanced scorecard by Kaplan / Norton. This concept has not been analyzed in detail concerning its adequacy for a holistic compliance reporting starting in compliance projects until later usage in regularly compliance operations. At first, this paper evaluates if a holistic compliance reporting can be designed by using the balanced scorecard concept. The current status of compliance reporting clearly shows that scorecards are generally accepted as a compliance reporting tool and are already used for corporate governance reporting. Additional specialized compliance IT - solutions exist in the market. After the scorecard-s adequacy is thoroughly examined and proofed, an example strategy map as the basis to derive a compliance balanced scorecard is defined. This definition answers the question on proceeding in designing a compliance reporting tool.

Keywords: Balanced Scorecard, Compliance, ComplianceReporting, Compliance Scorecard.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3027
2 Using Structural Equation Modeling in Causal Relationship Design for Balanced-Scorecards' Strategic Map

Authors: A. Saghaei, R. Ghasemi

Abstract:

Through 1980s, management accounting researchers described the increasing irrelevance of traditional control and performance measurement systems. The Balanced Scorecard (BSC) is a critical business tool for a lot of organizations. It is a performance measurement system which translates mission and strategy into objectives. Strategy map approach is a development variant of BSC in which some necessary causal relations must be established. To recognize these relations, experts usually use experience. It is also possible to utilize regression for the same purpose. Structural Equation Modeling (SEM), which is one of the most powerful methods of multivariate data analysis, obtains more appropriate results than traditional methods such as regression. In the present paper, we propose SEM for the first time to identify the relations between objectives in the strategy map, and a test to measure the importance of relations. In SEM, factor analysis and test of hypotheses are done in the same analysis. SEM is known to be better than other techniques at supporting analysis and reporting. Our approach provides a framework which permits the experts to design the strategy map by applying a comprehensive and scientific method together with their experience. Therefore this scheme is a more reliable method in comparison with the previously established methods.

Keywords: BSC, SEM, Strategy map.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2228
1 Universities Strategic Evaluation Using Balanced Scorecard

Authors: M. D. Nayeri, M. M. Mashhadi, K. Mohajeri

Abstract:

Defining strategic position of the organizations within the industry environment is one of the basic and most important phases of strategic planning to which extent that one of the fundamental schools of strategic planning is the strategic positioning school. In today-s knowledge-based economy and dynamic environment, it is essential for universities as the centers of education, knowledge creation and knowledge worker evolvement. Till now, variant models with different approaches to strategic positioning are deployed in defining the strategic position within the various industries. Balanced Scorecard as one of the powerful models for strategic positioning, analyzes all aspects of the organization evenly. In this paper with the consideration of BSC strength in strategic evaluation, it is used for analyzing the environmental position of the best-s Iranian Business Schools. The results could be used in developing strategic plans for these schools as well as other Iranian Management and Business Schools.

Keywords: Strategic planning, Strategic position, Balancedscorecard, Higher education institutions.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3827